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Intel is to sell its LANDesk family of IT management products to The LANDesk Acquisition Corporation, a company set up by Vector Capital and vSpring Capital.

The new business will purchase products including the LANDesk Management Suite, LANDesk Client and Server Manager, and LANDesk Asset Service, among others. Additional assets and intellectual property will also be acquired under the deal.

Intel will retain a minority equity position in the business, which will be managed through Intel Capital, the chip giant's investment division. Financial terms were not disclosed.

The LANDesk products help IT staff manage networks of computers connected to a local network. Users can take an inventory of PCs connected to a LAN, remotely manage desktops through a single client and roll out software updates to PCs over the LAN using the software.

Joe Wang, formerly a vice-president at Symantec, will be chief executive officer of the new company. John Sutherland, who was general manager of the business for Intel, will stay on with the new company as vice-president of operations.

About 150 employees work for Intel's LANDesk business unit worldwide. The existing management team will be offered positions with the new company. Intel also plans to offer transition services to existing LANDesk customers until the deal closes, which is expected to happen at the end of this month.

Intel said that it would be seeking certain "business divestments" that would help reduce its operating costs.

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